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INVESTING IN READY PROPERTY IN DUBAI

By in Real Estate

A ready property is a house that is ready for occupancy.

If you are buying a property for you and your family to enjoy for years to come, modifiability i.e capability of altering the property to one future taste, is a crucial consideration.

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Most properties, whether ready or off-plan in Dubai, usually have everything in place already, which includes amenities and facilities that can hasten daily home tasks. It’s important to keep in mind if investing in the property will meet your needs now and in the future. Perhaps there is the capacity to extend, so make sure you check if you need permission from the developer and if there are any costs involved, such as an NOC (No Objection Certificate) and so on.

What to consider when buying Ready Property in Dubai

  • The Price of the Property

Price advantages may arise relevant to market conditions at the time. In buyers’ market, it might be possible to buy a property at a significant discount. Buyers should consider the price and payment plan of the property, they are intending to buy.

  • The Location of the Property

Ready property is often in prime locations with completed infrastructure in place. Buyers should consider the location of the properties they are intending to buy as the prices of properties are mostly determined by their location in Dubai. Facilities and amenities available in the community, including proximity to transport, education, childcare etc should also be considered.

  • Rate on Investment and Rental Income Returns on the Property

Strong return on investment (ROI) is the ultimate goal when investing in property. Securing a property which delivers healthy rates of return requires proper due diligence from the outset should always be considered. Buyer can start earning rental income from the moment a tenant is found. The rental income returns should be considered if the property will be leased by the buyer.

  • The Time and Size of the Property

If obtaining a mortgage to finance your purchase, it’s important to take into consideration the turnaround time of your chosen bank. Buyers should also take into account the size of their family, if the property is large enough to meet their needs, if there are plans to expand their family in the near future or if they are looking for a spacious backyard for their children.

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In contrast to off-plan properties, ready properties are complete and ready to move in. When purchasing a ready property with a mortgage, you need to pay probably 15 to 20% of the property price as a down payment (This depends on the payment plan of the property), and the remaining amount can be paid in installments depending on mortgage T&C’s.

The benefits of Investing in Ready Property in Dubai

  • Once payment is made, the property is entirely under your control
  • Once purchased, the property can be immediately modified, rented out, or moved into
  • You Can opt for properties in prime locations
  • The decision is based on actual property
  • Investors can move in or rent out immediately
  • Higher returns when market value spikes

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Whichever property you plan to invest in, it is crucial to undertake a competitive market analysis (CMA). Assessing the current sales prices of similar homes in the market will give you an idea of whether the property is worth investing in. Moreover, checking the rental costs of similar homes in the area where you’re investing in, will also indicate the rental revenue you will be able to earn.

Conclusion

Ready-to-move-in properties have their perks; as a buyer, you must consider your location preference, time and financial constraints. Assess the market, research areas and real estate developers you are interested in. Prior to making any payments, ensure your real estate agency representative is compliant with RERA guidelines.

Home Sweet Home Real Estate Dubai specializes in the sale and rental of luxury properties in Dubai, we derive pleasure in helping our clients and investors in making right decision in their real estate needs as well as pointing you to the right Developers with proven track records over time in Dubai and Internationally.

We are known not only for meeting, but also, exceeding our customers’ satisfaction and expectations. Our goal is to succeed in enabling our diverse team of highly professionals to hold great service and accountability towards our prized customers which is our motto “Turning dreams into Reality”. For latest updates and more information, visit our page https://hshestate.com/blog/

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